Scotia Asset Management Announces A Portfolio Advisor Change

Effective November 23, 2012, SCOTIA INVERLAT CASA DE BOLSA, S.A. DE
C.V., GRUPO FINANCIERO SCOTIABANK INVERLAT ("Scotia Gestión de
Activos") will become portfolio advisor for Scotia Latin American Fund,
replacing TCW Investment Management Company. Scotia Gestión de Activos
and its affiliates have over $7 billion in assets under management* and
is wholly-owned, directly and indirectly, by Scotiabank. A respected
asset manager in the Mexican wealth market, Scotia Gestión de Activos
manages a broad array of fixed income and equity strategies for
institutional and individual investors. The firm's portfolio managers
work in close partnership with a network of Scotia investment
professionals and resources in Latin American as part of its bottom-up
investment process that seeks to grow and protect clients' assets.

Scotia Gestión de Activos will join ScotiaFunds' already strong lineup
of portfolio advisors. There will be no change to the investment
objectives of Scotia Latin American Fund as a result of the portfolio
advisor change.

About Scotia Asset Management

Scotia Asset Management L.P. is wholly-owned, directly and indirectly,
by The Bank of Nova Scotia and is a manager of investment solutions for
private clients, institutional clients, managed asset programs and
mutual funds. Under the ScotiaFunds name, Scotia Asset Management L.P.
provides a broad range of 41 mutual funds and 27 professionally managed
portfolios. ScotiaFunds are available from Scotia Securities Inc.,
through Canadian Scotiabank branches, ScotiaMcLeod Direct Investing,
ScotiaMcLeod, as well as leading investment dealers, independent
brokers, advisors and financial planners.

Commissions, trailing commissions, management fees and expenses all may
be associated with mutual fund investments. Please read the simplified
prospectus before investing. Mutual funds are not guaranteed, their
values change frequently and past performance may not be repeated.

About Scotiabank

Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 81,000 employees,
Scotiabank and its affiliates serve some 19 million customers in more
than 55 countries around the world. Scotiabank offers a broad range of
products and services including personal, commercial, corporate and
investment banking. With assets of $670 billion (as at July 31, 2012),
Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS).
For more information please visit www.scotiabank.com.